lis: Buying a Columbus, GA Bank Owned Home?
- 01/09/13 08:55 AM
In our Columbus, GA/Phenix City, AL area market “Bank-Owned Homes” are usually described as “Foreclosures”. Even though the terms are used interchangeably here and in other places, there is a difference. The difference between a “Foreclosure” and a “Bank-Owned Home” may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank. A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any … (0 comments)
In our Columbus, GA/Phenix City, AL area market “Bank-Owned Homes” are usually described as “Foreclosures”. Even though the terms are used interchangeably here and in other places, there is a difference. The difference between a “Foreclosure” and a “Bank-Owned Home” may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.
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